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Chancellor hits buy to let properties

Wealthier landlords that currently receive a hefty 40% or 45% tax relief on their mortgage interest will be dramatically hit by a new phased restriction to the basic rate of 20% from 2020.

Charles Beer said, "This is quite a significant hit to the larger buy-to-let landlords. Over time it will shift the balance towards bigger, professional landlord funds who won't be exposed to these restrictions because they will be institutional.This will accelerate that trend. It probably won't change a lot for the amateur investor, but it may encourage the bigger landlords to incorporate."